Word: waged
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Dates: during 1970-1979
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...asked for a $532 billion budget and assumed revenues of $504 billion, with a $28 billion deficit. The House lopped $2 billion from defense, eliminated the President's proposed $2.5 billion real-wage insurance and $2.3 billion in revenue sharing, and added some funds to social spending. The result: spending of $532.7 billion. But by estimating revenues at $508 billion because of a higher projected G.N.P., the House claimed a lower deficit of $24.9 billion...
...Treasury Secretary's candor raised hackles at the White House, which is sticking with its inflation forecast despite much evidence that it is overly optimistic. During the first quarter the annualized rate hit a scary 13%. The Treasury chiefs frankness will surely increase resistance to the "voluntary" wage-price guidelines among both labor and business...
...full-page ads across the country, Sears, Roebuck & Co. trumpeted a 5% reduction in its catalogue prices as a "voluntary" move "to help fight inflation." But the sudden-and suspect-volunteerism came after weeks of rising pressure from the Council on Wage and Price Stability (COWPS) and a phone call to the company's Chicago headquarters from none other than Jimmy Carter. It was the President's first such jawboning-by-wire, and the highest official he could reach was the senior vice president for public affairs; the others were out to lunch, and Chairman Edward Telling...
...cynicism to one of confidence. The opposition and Progressive Conservative Party leader at the time was Robert Stanfield, a long-time member of Parliament from Eastern Canada. Stanfield's strategy rested upon a poorly-conceived, loosely-defined economic platform designed to control inflation. Stanfield said he planned to institute wage and price controls--but he didn't explain how he would implement them or how they would work. Trudeau hammered at Stanfield's equivocal policy, made leadership the key issue, and regained a majority government...
...Canadian media had no clever one-word explanations for the impeccably bilingual Montrealer's triumph. Yet he soon instituted wage and price controls and the Anti-Inflation Board after humiliating Stanfield on the very same issue. The romance ended abruptly. And Trudeau has been fighting for his political life ever since...